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, tinto or cliffs natural resources were also weak. defensive names like walmart were also done, but fared better. the main catalyst for the sell off was concerns about slower global growth. china reported gdp for the first quarter below expectations. with europe in recession, trader rs now worried where is the growth going to come from. i'm bob pisani at the new york stock exchange. >> as bob just mentioned, the price of gold plunged today, recording its second worst loss ever and closing below $1400 an ounce for the time in more than two years. today was the first time ever that the dow and price of spot gold both recorded triple digit losses. why is selloff and what may be next for the precious metal? jackie deangelis has our report. >> another massive selloff in the gold market today, but what's fuelling the fur rouse rotation? several factors are at play including the continued strength in the equity market. gold had lost its luster, but gold is also an inflation hedge and as long as the fed continues with its stimulus program, investors believe inflation is likely to remain in check.
or if you do have a portfolio manager, look to manage it defensively. by that, either have a ladder portfolio so you can reinvest as rates go up, or, have a short duration where you have -- >> okay. >> set et et cetera to keep your maturity short. >> i want to squeeze in a tax question. we hear that the obama administration may want to put a cap on the tax exemption. is that another reason to clean up your portfolio now rather than wait? >> well, i don't know that it's another reason to clean up your portfolio, but it's certainly something to keep on the radar screen. you know, obviously, with everything that's going on in washington, everything is on the table. and with each one that comes out, there's a proposal that there would be a 28% cap on deductions so no one would be lower than the 28% tax bracket. that means you couldn't have all tax-free income that would put you in no tax bracket. in essence, that would be a tax on municipal bonds. mayors and governors are fighting this very, very aggressively. and each time they seem to get it out of the budget proposal and then a new b
for the asian-american legal defense. welcome. immigration in congress is getting attention these days on the farms and the sill valley. both rely on immigrant work forces. the tech sectors biggest names launched a campaign called forward u.s. the ceos of facebook and zinga and others. emil, let's start with the key compromise of the bill. >> before we get to that, you mentioned agriculture workers, 400,000 in california that could benefit from this and the high tech workers. doubled to 110,000. it can go up to 180,000. facebook, the high tech folks got what they wanted and all because of blogging. >> these are the visas to allow the highly skilled workers to remain in the u.s. >> they got what they wanted from the lobbying because, you know, it was reported how zuckerberg with the 501 c 3 and fear of a contingency of hiring americans that were stem workers or having equal pay for the workers they bring from abroad. none of that was there. they got everything they wanted. winners in california. this is a political compromise. this can blow up. we saw that this morning when the judiciar
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